The Seoul Bankruptcy Court has recently issued a bankruptcy declaration for Haru Management Limited, the company associated with Haru Invest, which abruptly suspended virtual asset withdrawals in June 2023. This case (2024Hahap100259) has significant implications for creditors, many of whom are foreign nationals, as they must now file their claims to secure their rights during the bankruptcy process.
The Seoul Bankruptcy Court recently issued a bankruptcy declaration for Delio, a South Korean virtual asset deposit platform. This case (2024Hahap100231) carries substantial implications for creditors, including a significant number of foreign nationals, who are now required to file their claims to protect their rights during the bankruptcy proceedings.
If you are dealing with unpaid receivables from a Korean company or individual, recovering these debts can be challenging. Often, Korean counterparts may ignore communication, delay payments, or cite unacceptable reasons for non-payment. Some may even rely on the assumption that the geographical distance, legal system differences, and language barriers make it difficult for foreign creditors to pursue debt recovery in South Korea.
This is when hiring an experienced Korean debt collection attorney becomes essential. A knowledgeable Korean business and litigation lawyer can guide you through the debt collection process under Korean law, from initial steps to enforcing claims.
In this article, our Korean lawyer explains the essential legal steps that foreign creditors can take to recover debts or unpaid receivables effectively.
If you’re involved in a criminal trial in Korea, understanding each stage of the process is crucial for making informed decisions. This guide, written by our experienced Korean criminal litigation lawyer, provides a straightforward overview of the key steps involved in a Korean criminal trial. Whether you’re a defendant or simply interested in learning about the process, this guide will help you understand what to expect.
Are you a foreign national facing criminal charges in Korea? Navigating the local legal system can feel overwhelming, especially with the added challenges of language barriers and cultural differences. This guide offers an overview of the criminal defense process in Korea, with a special focus on Korean criminal investigation procedures, highlighting the crucial role a skilled Korean criminal defense attorney plays during this critical stage.
Shareholder agreements are essential tools for defining the rights and obligations of shareholders when multiple parties collaborate on a business or project. These agreements are commonly used in joint ventures and M&A transactions and are increasingly seen in investment contracts between financial investors and Korean startups.
In the entertainment industry, where collaboration between large labels and creative talents often forms the foundation of new ventures, shareholder agreements play a significant role in corporate governance. A recent dispute over ADOR, the label behind the K-Pop girl group New Jeans, highlights the legal implications of shareholder agreements, particularly voting rights agreements, in Korean joint ventures.
In the ADOR case, the Seoul Central District Court upheld the validity of the director appointment and voting restriction clauses outlined in the shareholder agreement and subsequently issued an injunction preventing the majority shareholder from the exercise of voting rights in an attempt to oust ADOR’s CEO.
This ruling serves as a key example of how shareholder agreements and voting agreements function in joint venture management disputes. It offers valuable insights not only for the entertainment industry but also for foreign companies engaged in joint ventures in Korea across various sectors. (more…)
If you’re traveling to Korea for business or leisure, carrying large sums of cash can lead to serious legal issues if not declared properly. Foreign travelers are often unaware of the strict requirements, and as a result, they risk having their cash seized by Korean customs for violating the Foreign Exchange Transactions Act. Once your money is seized, you could face fines or even lose your funds permanently.
In this post, we will focus on how foreign travelers can recover seized cash from Korean customs and explain why hiring a lawyer is critical for a swift and successful resolution.
Expanding your business into South Korea requires navigating a complex landscape of local labor laws. For foreign companies, understanding the intricacies of the Korean Labor Standards Act (LSA) is essential to ensure compliance and foster a productive workplace. This article aims to demystify the process of establishing the rules of employment in Korea, focusing on key requirements, common challenges, and practical advice for international businesses.
Foreign executives working in South Korea encounter a diverse range of opportunities and challenges. Among the various aspects that require attention, understanding the intricacies of severance pay entitlement under Korean labor law is paramount. One of the key questions that often arise is whether foreign executives are entitled to legally mandated severance pay in South Korea. In this article, we will delve into the complexities surrounding severance pay for foreign executives, shedding light on the legal framework and crucial considerations. (more…)
Are you a company looking to expand into the Korean market? If so, you’ll need to be familiar with Korean license agreements. These agreements are critical for protecting your company’s intellectual property and ensuring a smooth entry into the Korean market. But navigating Korean laws and regulations, understanding the different types of license agreements, and negotiating key provisions can be a daunting task. That’s why we’ve put together this comprehensive guide to Korean license agreements 101.
In this article, we’ll explore the different aspects of Korean License Agreements that foreign companies need to know before signing a Korean license agreement. This includes the key Korean laws and regulations affecting license agreements, the differences between exclusive and non-exclusive license agreements, the most important provisions in a Korean license agreement, and how to protect your intellectual property in the Korean market. (more…)